May 03, 2017

Financial Services Committee begins marking up Financial CHOICE Act

The House Financial Services Committee began marking up the Financial CHOICE Act of 2017 (H.R. 10) on May 2, 2017. The legislation would roll back or repeal various provisions of the Dodd-Frank Act. In his opening statement, Committee Chairman Jeb Hensarling (R-Texas) said, "When Dodd-Frank was passed nearly 7 years ago, Americans were promised it would lift the economy. Instead, we've had the slowest and weakest recovery of our lifetimes."

But Committee Ranking Member Maxine Waters (D-Calif) said the Financial CHOICE Act "destroys Wall Street reform, guts the Consumer Financial Protection Bureau, and returns us to the financial system that allowed risky and predatory Wall Street practices and products to crash our economy." Similarly, Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) issued a statement saying the bill "guts important Wall Street reforms that protect American families from being on the hook for another bailout."